Chiliz is the first sports-based cryptocurrency, which was launched in 2018, by the first blockchain-based sports engagement platform. Fans can use the CHZ token to participate and vote in club-focused surveys and polls.
The previous week started with an opening price of $0.2871 on October 4, 2021. The trend formed a hill and finally closed yesterday, October 10, 2021, at $0.3094. There was an overall change of +7.7% in the price.
CHZ Technical Analysis
The candles have shown a hill in the past week. It first increased for 4 days, and then decreased for 3 days. Today it is again showing some bullish signals.
CHZ is currently trading at $0.3151, which is up 2.24% from yesterday’s close. This can be seen as a signal for trend reversal, as the price took crucial support at $0.3081.
OBV is showing that the selling pressure is increasing, but the buying pressure is still high. This is a slightly bearish signal. Therefore, the traders may take a short position if the CHZ price continues to fall.
RSI is near equilibrium at 52.11%, which is a neutral signal. However, the trend for RSI bounced from the equilibrium to reverse itself, which is a bullish signal. Traders may take a long position based on this if the price increases.
MACD is confirming last week’s price trend as a lagging indicator. This can be seen as both the lines are heading towards the positive region, but the distance between them is reducing. Also, MACD is showing little divergence from the price chart, which is again a bullish signal. Traders may consider taking a long position if the price continues to increase.
Day-Ahead and Tomorrow
Fib retracement shows that the CHZ price took support somewhere around $0.29. The fib target is set at 0.37, which can be expected to reach if the price continues to increase.
Thus, the indicators are more towards the bullish sentiment, but the traders should wait before making a clear call as there are both bearish and bullish signals. For the time being, traders may take a short position with a stop loss at $0.304.
#Signal #Trend #Reversal #Price #Crucial #Support